Bitcoin transaction fees are low in 2 years as BTC dips below $39,000: Details


Yuri Molchan

Fees charged by miners for transferring BTC have fallen to their lowest in two years

Chinese crypto journalist and blogger Colin Wu shared that Bitcoin costs have fallen to their lowest level since June 2019, gaining nearly $62 less than a year ago.

The journalist quoted data from South Korea-based CryptoQuant on-chain analytics vendor.

According to the data company, BTC transaction costs have fallen from the historic high of $62.7 it saw last April to $1,039 per transaction now. This makes it a two-year low as in June 2019 an average BTC fee was about $6.5.

Image via CryptoQuant

During the previous times when BTC costs have been going up and down, the declines have happened concurrently with the Bitcoin price. In 2017, on December 23, when the price hit an all-time high of nearly $20,000, the average fee to send some BTC hit a high of $54.9.

However, after the price fell, the fee fell to a low of $0.161 over the next few months. It should be noted here that traders sometimes choose to pay a higher fee if they want their transaction to be verified faster as miners choose the “highest paid” transfers from the BTC mempool and include them in the new data block first .

Earlier today, the price of the global flagship crypto briefly fell below the $39,000 level, reaching the $38,500 zone – its lowest drop in the past 80 days.

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